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PrimeXBT Account types

PrimeXBT Account types

 

Overall Rating

4.7/5

Rated #192 of
Recommended FX Brokers

💰Minimum Deposit

0.001 BTC

🌐 Regulators

Not Regulated

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

PrimeXBT offers one account type to clients containing all the broker’s services. Limits are set according to the size of deposits and trading volumes.

 

Finding a reputable list about PrimeXBT account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

PrimeXBT Overview

Prime XBT is a well-established cryptocurrency exchange that allows customers to trade several assets including Crypto, Forex, and Commodities.

PrimeXBT is registered in the Seychelles. The holding company is Prime XBT Trading Services, and the exchange opened its books to the market in 2019.

Since then, they have also opened an office in St Vincent and The Grenadines and have moved their trading infrastructure to Switzerland.

One of PrimeXBT’s main selling points is the fact that they allow leveraged trading for several different assets, including 6 cryptocurrency pairs with a maximum leverage ratio of 1:00 and several forex/commodity assets with leverage up to 1:1000.

Prime XBT also makes use of the liquidity provided by 12 different larger exchanges and market makers in the industry.

PrimeXBT serves traders in more than 150 different countries, but due to certain regulations, does not accept traders from the USA, the province of Québec in Canada, and a few others.

PrimeXBT is a Bitcoin-based exchange platform that offers leveraged trading on digital assets, including Bitcoin, Ethereum, Litecoin, and Ripple.

The broker does not hold a license with a reputable regulatory agency.

 

PrimeXBT Account Types

PrimeXBT does not offer a complicated set of different account types but provides only one account to clients containing all the broker’s services, just with limits that are set according to the size of deposits and trading volumes. The broker does not offer an option to open an Islamic Account (also known as a swap-free account).

PrimeXBT unfortunately does not offer a demo account either.

The minimum deposit required to open an account is 0.001 BTC (about $65 at the time of writing) and no other currencies can be used to fund an account. You can however buy bitcoin using your Credit card through PrimeXBT’s partner CEX, a CEX widget that will pop up and help you purchase BTC.

This funding may take some time to reflect in an account because it requires no less than six confirmations on the network.

 

PrimeXBT Account Features

An account is easily created just by clicking on the Register tab. A trader will receive an email for verification and may enable two-factor authentication after logging in.

No KYC verification is needed since it is an entirely anonymous exchange, which may be advantageous for traders who value their online privacy and would not like to submit or upload a lot of personal documentation. This also makes the exchange less of a target for hackers and identity thieves who may be looking for easy targets in databases.

 

Overall Rating

4.7/5

Rated #192 of
Recommended FX Brokers

💰Minimum Deposit

0.001 BTC

🌐 Regulators

Not Regulated

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

PrimeXBT Demo Account

PrimeXBT also does not offer traders the option of opening a demo account. This is a notable omission from the standard services usually provided by brokers trading cryptocurrency.

Such a virtual account is normally used to practice trading strategies and familiarise oneself with platforms, indicators, and charting in a risk-free environment and can be utilized in several ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore PrimeXBT’s trading conditions in a risk-free environment.
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

The PrimeXBT Islamic Account

PrimeXBT does not offer Muslim traders who follow Sharia law the option of a separate Islamic Account.

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Brokers offer their Islamic Accounts only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account may contact PrimeXBT’s customer support to enquire about conditions that may make it possible for them to make use of the broker’s services.

 

PrimeXBT Pros and Cons

✔️PROS ❌CONS
Broker runs a blog for customers Does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms
Covesting module provided Limited deposit and withdrawal methods
Easy sign-up and login process Little research options available
High leverage allowed No automated trading possible
A minimum deposit of 0.001 BTC needed to start trading No demo account can be opened
No personal data required when opening an account Not licensed or regulated
Offers Bitcoin and trading in other cryptocurrencies Only online customer support provided
Offers digital assets to trade
Round-the-clock trading hours
Fast execution times

 

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PrimeXBT at a Glance

Broker’s name PRIMEXBT
Headquarters St. Vincent and the Grenadines
Year founded 2019
Regulating authorities No regulation
Countries not accepted for trade United States, Japan, Saint Vincent, and the Grenadines, Canada, Algeria, Ecuador, Iran, Syria, Korea, Sudan, United States Outlying Islands, American Samoa, Russian Federation.
Demo account No, but limited practicing on the platform can be done.
Islamic account (swap-free) No
Institutional accounts Yes
Managed accounts No
Maximum leverage 1:1000
Minimum deposit 0.001 BTC (about $65 at the time of writing)
Deposit options Bitcoin, credit card
Withdrawal options Bitcoin, credit card
Platform(s) provided Proprietary Turbo platform, Covesting module
OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Cryptocurrencies, S&P 500, Gold, EUR/USD, and more than 30 other assets
Languages supported on the website English, Chinese, German, French, Turkish, Vietnamese, Japanese, Korean
Customer support languages English, Chinese, German, French, Turkish, Vietnamese, Japanese, Korean
Customer service hours 24/7

 

FAQ

 

Trading Environment

 

How many instruments can I trade with PrimeXBT?

You can trade several different instruments with PrimeXBT, which include the following:

  • 18 forex pairs
  • six major stock indexes
  • energies, such as crude oil
  • precious metals, such as gold

 

Which platforms are supported by PrimeXBT?

PrimeXBT provides the following popular trading platforms:

  • Turbo Platform
  • Covesting module

 

Does PrimeXBT offer leverage?

Yes, PrimeXBT offers maximum leverage of up to 1: 1000.

 

What spreads can I expect with PrimeXBT?

PrimeXBT has a transparent fee structure, only charging for each trade and holding a position open overnight.

 

Does PrimeXBT charge commission?

Commission rates for cryptocurrencies are 0.05%, forex and precious metals are rated at 0.001% and the commission for commodities and indices is 0.01%.

 

Are there additional charges on the Islamic account?

PrimeXBT does not offer the option of an Islamic or swap-free account.

Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

 

Is PrimeXBT regulated and by whom?

PrimeXBT is not regulated by any recognized financial authority.

 

Is PrimeXBT a recommended forex trading broker for experts and beginners?

PrimeXBT offers a fair-trading environment for most brokers.

 

What is the overall rating out of 10 for PrimeXBT?

6/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like PrimeXBT is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

 

Does PrimeXBT offer a demo account?

No, but a limited amount of practicing can be done directly on the platform.

 

Can I convert my demo account to a live trading account with PrimeXBT?

No demo account is available to be converted.

 

Which live trading accounts does PrimeXBT offer?

Only one standard type of account.

 

Does PrimeXBT offer an Islamic Account?

No, PrimeXBT does not offer an Islamic Account.

 

What are the available deposit currencies for a live trading account?

Only Bitcoin.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with PrimeXBT?

0.001 BTC (about $65 at the time of writing).

 

How do you make a deposit and withdraw money with PrimeXBT?

PrimeXBT offers the following deposit and withdrawal methods:

  • Bitcoin
  • Credit card

Does PrimeXBT charge withdrawal fees?

No, but a person will have to pay an arbitrary miner fee (which is standard across the industry) to complete a transaction when withdrawing funds.

 

How long does it take to make a withdrawal?

Withdrawing from a PrimeXBT account is a straightforward process. A trader needs to head on over to the “withdraw” page where it is needed to provide the broker with a personal Bitcoin address – this will be the Bitcoin address that the trader would like to white-label for all future withdrawals.

Once the withdrawal has been requested, a trader will have to wait for them to process it. If a trader is requesting quite a large withdrawal, it may take quite some time to be processed. This is because withdrawals are processed from the so-called hot wallets and if there are not enough funds on hand the broker may have to access some from its offline cold wallets.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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